Insurance for Fine Arts and Other Collectibles

Fine arts collections can be as beautiful as they are as delicate. When your fine arts collection is displayed, either in your home, at a gallery, or even a museum, it can face a wide array of exposures and risks such as being damaged, lost or stolen. You should consider insuring your collection to help protect against such risks.

Examples of Fine Art and Collectibles

What does your fine arts collection consist of? A fine arts collection can look different depending on the collector, but the following list are some of the common pieces regarded as fine art:

  • Paintings
  • Sculptures
  • Photographs
  • Architecture
  • Stamps

close up of collectible postage stamp

Why Insure Your Art?

You may want to consider insuring your fine arts collection with what is commonly called a “valuable items” floater policy. A valuables and collectibles policy will typically provide more comprehensive coverage for your valuable possessions than what is usually available under a standard homeowners or renters policy. A valuable items floater policy can be purchased to help protect your collection as either a standalone policy or as an endorsement/addition to your homeowner’s or renter’s policy.

Insurance for Art and Collectibles

Your standard homeowner’s policy will most likely not cover the full value of your special collections. At Cross Private Client Insurance, we can help you protect high value items with a valuables policy. A proper appraisal can help your insurance agent know how much your property is worth to see what levels of insurance should be considered.

famous painting

Inventory of Your Fine Art Collection

Taking an inventory of your fine art is a vital part of the process of insuring your collection. As a collector, you may have a large number of pieces in your collection, and if you share your collection with galleries and museums it is easy to lose track of them all. An inventory can help maintain your collection and serve as valuable documentation for both you and the insurance company. Having a documented inventory, in the event of a large-scale loss, may help to reimburse you. The inventory will provide your insurance carrier with an accurate list of items that were damaged. The following tips can be used to help you take your inventory.

  • One of the most important steps of taking an inventory is fully documenting your collection, which means taking pictures and videos of your art. When doing so be mindful of your art, as pieces can be very delicate and certain lighting or flashes could cause damage to your collection.
  • Including details such as artist, title or name, age, condition, purchase date, purchase price, and other important information of your art is highly recommended.
  • A digital list such as spreadsheet with the entirety of your belongings can help organize what you have.
  • Update your inventory list yearly and after substantial purchases.

shelves with large collection of fine art and paintings

Request a Quote for Your Fine Art Collection

At Cross Private Client Insurance, our agency understands the unique risks that come with fine arts and other valuable collections. We work with top insurance carriers to help provide insurance options for our clients. Reach out to our team today to discuss the unique features of your fine arts collection.

 

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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.

 

Request A Quote for Your Fine Art and Valuables

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